America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
America’s Biggest Banks See Surge in Deposit Withdrawals
America’s 25 biggest banks saw a huge $90 billion outflow of deposits last week, a sharp reversal from the prior week where larger financial institutions absorbed some of the deposits being withdrawn at a record pace from smaller banks in the wake of the Silicon Valley Bank (SVB) collapse. Between the collapse of SVB over…
Oil Prices Soar After OPEC’s Shock Production Cut
Oil prices surged over 5 percent on Monday, notching their biggest daily jump in nearly a year after OPEC+ surprised markets on Sunday by announcing production cuts. In early trading Monday, the U.S. crude oil benchmark West Texas Intermediate (WTI) rose $4.38 to $80.03 per barrel, or 5.79 percent, according to TradingView data. Brent crude,…
America’s Banking Regulators Have Failed
April 2, 2023
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Commentary March 28 hearings on bank regulation exposed the shortfall of federal regulation. The hearings came in the wake of the Silicon Valley Bank (SVB) failure and the stresses on other banks, like Signature and Republic. To put it frankly, the hearings exposed our regulators appear to be virtually useless. Among things we learned last week:…
The Federal Reserve Has Only Limited Tools for Monetary Policy
March 31, 2023
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Commentary Recent turmoil in the banking sector has focused attention on the role of central banks, both in economies and in bank supervision and control. This will discuss central banks, like the U.S. Federal Reserve, and some of the tools they use to implement their policies, which can be opaque to the average person. First,…
Barclays Warns of ‘Second Wave’ of Deposit Outflows as ‘Sleepy’ Depositors Awake and Run for Exits
March 31, 2023
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After a month of uncertainty, Barclays warned that a “second wave” of deposit outflows is increasingly likely, a sign that the latest banking crisis is far from over. The collapse of Silicon Valley Bank (SVB) and Signature Bank forced federal regulators to rush to backstop the banking system, which calmed market fears in the short…
21 State AGs Warn 53 Banks Against Adopting the ESG Scoring Systems
March 31, 2023
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A group of attorneys general (AG) representing 21 states have issued a letter to 53 of the largest asset management firms in the United States, warning that they may be in breach of their legal duties to their clients if they pursue Environmental, Social, and Governance-based (ESG) investment programs. The letter, organized by Attorneys General…
Analysts: Deutsche Bank Is Not the Next Credit Suisse
March 30, 2023
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After the collapse of Switzerland’s second-largest bank, Credit Suisse, investors looking for the next bank failure fixed their eyes on Deutsche Bank, Germany’s largest bank. The tell-tale signs of blood in the water appear in a bank’s share price and the cost of its credit-default swaps (CDS). Equity investors last week sold off Deutsche Bank…
White House Calls For Tougher Bank Rules After Crisis
President Joe Biden is urging federal banking agencies to consider a series of reforms that would “reduce the risk of a future banking crisis” and refrain from penalizing community banks, says a White House official. Speaking in a call with reporters on Thursday, the administration official confirmed that the president is recommending reinstating rules and…
Roku to Cut 6 Percent of Workforce as Tech Layoffs Rise Over 60,000 So Far in 2023
Roku, the digital streaming device maker, announced another round of layoffs, as the number of job losses in the tech industry rises over 60,000 in 2023. The company said it would lay off another 200 workers, or 6 percent of its workforce, in a Securities and Exchange Commission (SEC) filing on March 30, a few months after cutting…
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